With the introduction of the Foreign Exchange Management Act, 1999, (FEMA) with effect from June 1, 2000, the objective of the Foreign Exchange Department (earlier known as Exchange Control Department) of Reserve Bank of India has shifted from conservation of foreign exchange to “facilitating external trade and payment and promoting the orderly development and maintenance of foreign exchange market in India”.

The new Act has brought about structural changes in the exchange control administration. Regulations have been framed fro dealing with various types of transactions. These regulations are transparent and have eliminated case-by-case approvals.

The Department ensures timely realization of expert proceeds and reviews, on a continuous basis, the existing rules in the light of suggestions received from various trade bodies and exporters’ forum.

The Department collects data relating to forex transactions from authorized dealers on a daily basis for exchange rate management and on a fortnightly basis for monthly quick estimates of balance of payments and quarterly balance of payments compilation.

The Department lays down policy guidelines for risk management relating to forex transactions in banks.

The Department is also entrusted with the responsibility of licencing banks/ money changers to deal in foreign exchange and inspecting them.

There is a “Standing Consultative Committee on Exchange Control” consisting of representatives from various trade bodies and authorized dealers which meets twice a year and makes recommendations for policy formulation.

With a view of further improving facilities available to NRIs and removing irritants, the Department is also engaged, on an ongoing basis, in reviewing and simplifying the procedures and rules.

MUMBAI: Bank of India, India's premier public sector bank, has signed a service agreement with TimesofMoney to offer remittance solutions to NRIs in UK. This strategic partnership will enable NRIs send remittances in Great Britain Pounds (GBP), seamlessly and securely.This online remittance service will offer all users competitive pricing, both in terms of exchange rates and transaction costs. Moreover, the customer is assured of convenience as he has no longer, to visit a branch and can execute the online money transfers from the comfort of his home/office."Speaking on occasion, Shri Alok K. Misra, Chairman and Managing Director, Bank of India said that ''NRIs are a strong focus for our bank, and our global reach makes us uniquely positioned to servethem. We are happy to offer a technology driven service to U.K. based NRIs. The main concern for all NRIs is to have a fast, secure and cost effective way to send money to India. The product will ensure that the users can now transfer money 24x7 in an affordable and secure manner''.Commenting on the occasion, Avijit Nanda, President - TimesofMoney said "India is the highest remittance receiving country in the world, estimated at over US$ 58 billion. TimesofMoney's proprietary platform, 'Remittance in a Box' provides banks with a unique plug-and-play solution to power their online remittance service. This platform offers user interface & design, risk management, technology, operations and customer service. This alliance with Bank of India gives us a great sense of pride and we look forward to growing this relationship."Bank of India has an overseas presence of over 65 years. It has offices in 19 foreign centres spread over 5 continents, where its services are extended through 49 outlets, including 7 in UK. Almost 25% of the Bank's business is contributed by its foreign offices. TimesofMoney is India's leading digital payment service provider and serves a varied client base. Spanning Indian and international clients, its offerings include specializedNRI services, Money Transfers, and e-Payments.

With the introduction of the Foreign Exchange Management Act, 1999, (FEMA) with effect from June 1, 2000, the objective of the Foreign Exchange Department (earlier known as Exchange Control Department) of Reserve Bank of India has shifted from conservation of foreign exchange to “facilitating external trade and payment and promoting the orderly development and maintenance of foreign exchange market in India”.

The new Act has brought about structural changes in the exchange control administration. Regulations have been framed fro dealing with various types of transactions. These regulations are transparent and have eliminated case-by-case approvals.

The Department ensures timely realization of expert proceeds and reviews, on a continuous basis, the existing rules in the light of suggestions received from various trade bodies and exporters’ forum.

The Department collects data relating to forex transactions from authorized dealers on a daily basis for exchange rate management and on a fortnightly basis for monthly quick estimates of balance of payments and quarterly balance of payments compilation.

The Department lays down policy guidelines for risk management relating to forex transactions in banks.

The Department is also entrusted with the responsibility of licencing banks/ money changers to deal in foreign exchange and inspecting them.

There is a “Standing Consultative Committee on Exchange Control” consisting of representatives from various trade bodies and authorized dealers which meets twice a year and makes recommendations for policy formulation.

With a view of further improving facilities available to NRIs and removing irritants, the Department is also engaged, on an ongoing basis, in reviewing and simplifying the procedures and rules.

To cash in on the rising remittance flow into the country from its soil, the Bahrain Financing Company (BFC) Forex, a part of the BFC Group Holdings, has launched its remittance services in city.With around USD 60 billion inflows last fiscal, India is the world's top destination for remittances. And a 7.5 million Gulf diaspora is a major contributor to this influx."Of the nearly 5,17,000 expatriates in Bahrain, 2,90,000 are Indians, and as much as 65 per cent of them are Keralites, followed by Telugus, Tamils, Kannadigas, Maharashtrinas, Goans and Punjabis.BFC Forex has a fully fledged money changer (FFMC) licence from the RBI, and will have seven forex branches in the country with Mumbai as the headquarters.BFC is a leading money transfer and foreign exchange company in the Sultanate, and has been in operation in the GCC since 1917. It has network of over 50 strategically located branches throughout the Gulf and 10 branches in Britain.

MUMBAI: Karur Vysya Bank, a private sector bank with over 95 years of banking tradition in India, announced a tie-up with TimesofMoney, for an online remittance solution for Non Resident Indians (NRIs). This service provided byTimesofMoney will ensure that all NRI customers of Karur Vysya Bank get a transaction platform along with better pricing, safety and speedy money transfers."Commenting on the occasion, V. Bhaskar, General Manager, International Banking Group, Karur Vysya Bank said, "With our NRI portfolio growing at a rapid pace, we already have in place a robust online transfer arrangement with TimesofMoney for the US dollar. This is being expanded now to cover more countries, especially all European countries and currencies, so that our NRI customers, as also non-customers can remit funds home in a fast, secure and hassle-free environment. With this tie-up in place, we also expect our NRI inflows to grow at a faster pace".Commenting on the tie-up, Avijit Nanda, President - TimesofMoney said "India is the top remittance receiver in the world, with a robust US$ 64 billion in 2011 (as per a World Bank Report), a growth of 16% over last year. Online remittances, increasingly being preferred by consumers is growing at an incredible rate of approx. 20% CAGR. We at TimesofMoney ensure that we satisfy the needs of Indians abroad with a superior & user-friendly service. Karur Vysya Bank with its strategic focus on new services, combined with our proven expertise in managing online remittances, gives the customer an excellent platform to send money home to his family."

The IMPS—interbank mobile payment service—allows a person to electronically transfer money to another party using his mobile phone. In order to do so, both the remitter and the beneficiary's bank must be registered with the National Payments Corporation of India (NPCI).The remitter needs to register himself with his bank for mobile banking services by filling up a registration form. The remitter's mobile number, through which the facility will be used, has to be registered with the bank. MMID: On successful registration, a unique seven-digit mobile money identifier (MMID) is allotted against each account held by the holder. An MPIN is a PIN allotted for authenticating the mobile transactions.Mobile app: The remitter needs to download the mobile banking app from his bank's website on a phone compatible for using such an application. Alternatively, one can transfer funds using IMPS by using a mobile phone's SMS facility, if the bank offers such a service.Money transfer: To transfer funds, the remitter needs to log in to the mobile application and enter the beneficiary mobile number, beneficiary MMID, amount to be transferred, and MPIN in the application. Once the details are authenticated, the remitter receives a confirmation SMS for the debit. If the remitter chooses to use the SMS mode, he needs to send a text message to a designated mobile number in a manner specified by the bank.Points to note> The maximum limit for transfer on a single day per customer is Rs 50,000.> The transaction reference number received on confirmation of the transfer can be used as a reference for queries.